James S. Loving, a director at Equity Bancshares Inc . (NASDAQ:NYSE:EQBK), has purchased 4,500 shares of Class A common stock, according to a recent SEC filing. The stock has shown remarkable strength, delivering an 81.2% return over the past year and currently trades near its 52-week high of $50.84. The shares were acquired at $44.50 each, amounting to a total transaction value of $200,250. Following this transaction, Loving holds 15,708 shares directly. Additionally, he maintains indirect ownership of 11,118 shares through the James S. Loving Trust, where he serves as the trustee. With a market capitalization of $826 million and trading at a P/E ratio of 42.6, InvestingPro analysis suggests the stock is currently trading above its Fair Value. For deeper insights into insider trading patterns and comprehensive valuation metrics, explore the detailed Pro Research Report available on InvestingPro, covering this and 1,400+ other US stocks.
In other recent news, Equity Bancshares reported significant developments in its financial performance. The company reported a net income of $19.8 million for the third quarter, along with notable loan growth. Adjusted for merger expenses related to the KansasLand transaction, the net income was $20.2 million. The successful completion of the merger with KansasLand was also highlighted.
DA Davidson recently adjusted its price target for Equity Bancshares to $45.00, up from the previous $42.00, maintaining a Neutral rating on the stock. This adjustment reflects the firm's positive outlook for 2025, despite anticipating increased core expenses. The firm also revised its earnings per share (EPS) estimate for 2025 upwards from $3.90 to $4.15.
In terms of future developments, Equity Bancshares projects mid to high single-digit organic loan growth for 2024 and 2025, backed by a strong pipeline of $448 million in loans. The company also expects a rebound in public fund deposits and significant deposit growth. It's worth noting these recent developments as they offer insight into Equity Bancshares' financial performance and future prospects.
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